The move by the US bank, which provides services including wealth management, shows that Singapore is seen as a major hub for technology as well as for financial services.

Goldman Sachs intends to add about 100 staff in Singapore to drive technology development, highlighting how the Asian city-state is becoming a powerhouse in this area, according to a media report.  

The hiring will give the US firm more than 1,000 people in the city-state, E G Morse, head of Goldman Sachs’ regional operations, told Bloomberg in an interview. About 60 per cent of existing staff work in support and technology roles, the report said. 

Part of the tech hiring will support the bank’s cash management operations, a new area of business for Goldman Sachs, Morse said. The firm also plans to hire more investment bankers as it faces its “strongest deal pipeline for many years,” he said.

The move also comes at a time when rival Asian hub Hong Kong has become arguably a less friendly place for US firms since Washington DC has been at odds with Beijing over mainland China’s national security law that was imposed on Hong Kong in 2020. 

Goldman Sachs provides services such as investment banking, asset management, wealth management, securities and commodities trading from its Singapore hub.